Imperial Oil’s profit rises 19%

Imperial Oil Ltd, Canada’s second largest integrated oil company, reported a 19% jump in quarterly profit as production grew and prices rose.

The company, 69.6% owned by Exxon Mobil Corp, said net income rose to $946-million, or $1.11 per share, in the first quarter ended March 31 from $798-million, or 94 cents per share, a year earlier.
Production averaged 330,000 gross oil-equivalent barrels per day, up from 284,000 barrels a year ago.

Imperial’s average realizations from the sales of synthetic crude oil increased 11%.

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